PREMISES: The leased premises shall be comprised of that certain personal residence (including both the house and the land) located at 100 J.P. Rizal Street, Concepcion Uno, Marikina City

("Premises"), the assessed value of which is One Million Five Hundred Thousand Pesos

(PhP1,500,000.00). Lessor leases the Premises to Lessee and Lessee leases the Premises from

Lessor on the terms and conditions set forth herein.

TERM: The term of this Agreement shall be a period of two (2) years, beginning on 1 January

2019 and ending on 31 December 2021 unless sooner terminated by the parties on valid grounds.

Upon the successful conclusion of this Agreement at the end of the term, Lessor shall cause the

transfer of the poprerty to the name of the Lessee.

MONTHLY RENT: The rent to be paid by Lessee to Lessor throughout the term of this Agreement

is Twenty Thousand Philippine Peso (PhP20,000.00) per month in the form of a check and shall be due on the 5th day of each month, which check shall be issued monthly for sixty (60) months.

Lessee shall pay a late fee at the rate of four per centum (4%) of the rent not received by Lessor for every month of delay. Lessee shall pay additional five per centum (5%) of the rent for any returned check fees, exclusive of bank charges. All delinquent rents or other expenses due from

Lessee shall accrue interest at the monthly rate of four per centum (4%) until paid. All interest shall be deemed additional rents. Rent for the first month (or, if applicable, partial month) of the term shall be paid to Lessor at the time this Agreement is executed. Rent for any partial month shall be prorated. Lessee shall not deduct or offset against rent unless expressly permitted by applicable law.

Based on the given information, Is there any wrong with the agreement? Why?